Allspring Global Investments Holdings LLC Grows Stock Position in Synchrony Financial (NYSE:SYF)

Allspring Global Investments Holdings LLC increased its holdings in shares of Synchrony Financial (NYSE:SYF - Free Report) by 30.4% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 73,136 shares of the financial services provider's stock after purchasing an additional 17,061 shares during the quarter. Allspring Global Investments Holdings LLC's holdings in Synchrony Financial were worth $3,895,000 at the end of the most recent quarter.

Several other institutional investors have also recently added to or reduced their stakes in the business. Covestor Ltd lifted its stake in Synchrony Financial by 6.0% during the fourth quarter. Covestor Ltd now owns 3,085 shares of the financial services provider's stock worth $200,000 after purchasing an additional 174 shares during the last quarter. Gotham Asset Management LLC lifted its stake in Synchrony Financial by 2.0% in the fourth quarter. Gotham Asset Management LLC now owns 11,505 shares of the financial services provider's stock valued at $748,000 after buying an additional 226 shares during the last quarter. Invst LLC lifted its stake in Synchrony Financial by 1.2% in the fourth quarter. Invst LLC now owns 20,560 shares of the financial services provider's stock valued at $1,336,000 after buying an additional 239 shares during the last quarter. Great Lakes Advisors LLC lifted its stake in Synchrony Financial by 0.6% in the fourth quarter. Great Lakes Advisors LLC now owns 40,139 shares of the financial services provider's stock valued at $2,609,000 after buying an additional 240 shares during the last quarter. Finally, Dorsey & Whitney Trust CO LLC lifted its stake in Synchrony Financial by 3.0% in the fourth quarter. Dorsey & Whitney Trust CO LLC now owns 8,741 shares of the financial services provider's stock valued at $568,000 after buying an additional 253 shares during the last quarter. Hedge funds and other institutional investors own 96.48% of the company's stock.

Synchrony Financial Price Performance

SYF stock traded up $0.35 on Tuesday, reaching $70.05. 183,670 shares of the company's stock were exchanged, compared to its average volume of 3,855,093. The stock has a fifty day moving average of $60.24 and a 200-day moving average of $59.51. Synchrony Financial has a twelve month low of $40.55 and a twelve month high of $70.93. The firm has a market cap of $26.66 billion, a PE ratio of 9.61, a P/E/G ratio of 0.73 and a beta of 1.46. The company has a quick ratio of 1.25, a current ratio of 1.25 and a debt-to-equity ratio of 1.11.

Synchrony Financial (NYSE:SYF - Get Free Report) last posted its earnings results on Tuesday, April 22nd. The financial services provider reported $1.89 earnings per share for the quarter, beating the consensus estimate of $1.63 by $0.26. The company had revenue of $3.72 billion for the quarter, compared to analyst estimates of $3.80 billion. Synchrony Financial had a return on equity of 19.68% and a net margin of 13.00%. As a group, equities analysts predict that Synchrony Financial will post 7.67 EPS for the current fiscal year.

Synchrony Financial Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, May 15th. Shareholders of record on Monday, May 5th were issued a $0.30 dividend. This is a positive change from Synchrony Financial's previous quarterly dividend of $0.25. The ex-dividend date was Monday, May 5th. This represents a $1.20 annualized dividend and a yield of 1.71%. Synchrony Financial's dividend payout ratio is 16.46%.

Insider Buying and Selling at Synchrony Financial

In other Synchrony Financial news, insider Jonathan S. Mothner sold 40,639 shares of the company's stock in a transaction on Monday, May 19th. The stock was sold at an average price of $60.07, for a total value of $2,441,184.73. Following the sale, the insider owned 146,628 shares of the company's stock, valued at approximately $8,807,943.96. This represents a 21.70% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Curtis Howse sold 11,380 shares of the company's stock in a transaction on Tuesday, June 24th. The shares were sold at an average price of $65.00, for a total value of $739,700.00. Following the completion of the sale, the insider directly owned 108,062 shares in the company, valued at $7,024,030. This trade represents a 9.53% decrease in their position. The disclosure for this sale can be found here. 0.33% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

A number of equities research analysts have weighed in on the company. Morgan Stanley reiterated an "equal weight" rating and issued a $44.00 price objective (down previously from $82.00) on shares of Synchrony Financial in a research note on Monday, April 7th. Wells Fargo & Company boosted their price objective on Synchrony Financial from $65.00 to $75.00 and gave the company an "overweight" rating in a research note on Tuesday, July 1st. JPMorgan Chase & Co. reduced their price objective on Synchrony Financial from $76.00 to $50.00 and set an "overweight" rating for the company in a research note on Tuesday, April 8th. The Goldman Sachs Group upped their price target on Synchrony Financial from $70.00 to $78.00 and gave the stock a "buy" rating in a research note on Wednesday, July 2nd. Finally, Evercore ISI cut their price target on Synchrony Financial from $64.00 to $56.00 and set an "outperform" rating for the company in a research note on Wednesday, April 23rd. Eight equities research analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $65.78.

Synchrony Financial Profile

Synchrony Financial, together with its subsidiaries, operates as a consumer financial services company in the United States. It provides credit products, such as credit cards, commercial credit products, and consumer installment loans. The company also offers private label credit cards, dual co-brand and general purpose credit cards, short- and long-term installment loans, and consumer banking products; and deposit products, including certificates of deposit, individual retirement accounts, money market accounts, and savings accounts, and sweep and affinity deposits, as well as accepts deposits through third-party securities brokerage firms.